VETOQUINOL Corporate brochure 2007 (year 2007)

Activity report 2007 / The key indicators #07 In millions of euros 31/12/2007 31/12/2006 % change Turnover 233.4 211.6 + 10.3 Operating profit 29.2 25.6 + 13.9 in % of turnover 12.5 12.1 Group’s net income 18.6 15.8 + 17.7 in % of turnover 8.0 7.5 Free cash-flow from operations 33.0 29.9 138.8 ASSETS (in millions of euros) FINANCIAL STRUCTURE There has been an improvement in the balance sheet structure, due to substantial generation of cash flow (21.1 M € ) and an improvement in working capital requirements (5.5 M € ). NOMINAL ACCOUNTS The profit and loss account shows profitable growth. Current operating profit (12.5% of turnover) is up by 0.4 point compared to 2006. Net income (8% of turnover) has increased by 17.7%. 11% Research and development 26% Production 11% Quality 9% Supply chain 29% Sales and marketing 14% Administration and management Cash Working capital requirements Net assets DISTRIBUTION OF WORKFORCE BY FUNCTION The main additions have been made in Administrative & Management positions, as well as R&D and Technical and are essentially due to the strategic direction the Group wishes to take. Nearly 60% of the 1301 salaried staff are based outside France. 132.9 36.3 102.5 101.1 30.9 0.9 2006 2007 138.8 LIABILITIES (in millions of euros) Minority interest + provisions Net financing debt Equity 132.9 6.9 20.8 111.1 127.9 5,0 2006 2007